Price Analysis: The Bulls Are Getting Ready to take over XRP Market

Price Analysis: The Bulls Are Getting Ready to take over XRP Market

XRP/USD Medium-term Trend: Bearish

Resistance Levels: $0.47, $0.49, $ 0.51

Support Levels: $0.43, $0.40, $0.38

Yesterday, XRP price reached the high of $0.51 price level before the bears interrupted the risen of XRP price. The bears’ pressure was noted with the formation of bearish pin bar formed on the resistance level of $0.51, which pushed down XRP price below the support level of $0.47 and the bulls rejected further decrease of XRP price.

XRP price bars are below 21-day EMA and 50-day EMA which indicates that price is likely to fall targeting $0.43 as its low. Moreover, the Stochastic Oscillator is below 60 levels with its signal lines pointing to the south which is the sell signal.


XRP/USD Short-term Trend: Bearish

XRP/USD is bearish on the 1-Hour chart. The bulls lost control yesterday as the bears came into the XRP market with high pressure and the coin was pushed down to the support level of $0.47. The bulls are pulling back the XRP price to retest the broken level of $0.5 as this is one of the characteristics of downtrend movement.

The 21-day EMA has crossed 50-day EMA downside with the cryptocurrency below the two EMAs indicates a bearish trend. However, the Stochastic Oscillator period 14 is at 40 levels with its signal lines point upside which indicates buy signal which may be a pullback.

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.